Agile Financial Technologies gets $5.7 mn funding

MUMBAI: Financial services software-maker, Agile Financial Technologies, today said it has got a USD 5.7 million funding from a group of investors led by venture capital fund IDG Ventures.

The series A financing will enable the company to go ahead with its organic and inorganic expansion plans in new markets, a release issued here by the company said.

Details of the transaction, like the stake bought by the new shareholders or the valuation reached, were not revealed. IDG Ventures get two Board seats as a part of the agreement, the release said.

Agile already has a presence in the Middle-East, Africa and Asia and has embarked on its next level of expansion in the space of investment management, lending management, microfinance and insurance.

"We chose to invest in Agile FT given its industry leading team, clear product focus, growing customer base and proven ability to deliver growth far ahead of its peer group of product companies," IDG's Founder and Managing Director, T C Meenakshisundaram, said.